SPIE - Press release - Quarterly information as at March 31st, 2024
Cergy, April 25th, 2024
Q1 2024 revenue up +11.6%, confirming
our unique positioning on dynamic markets overall and reflecting
our outstanding delivery on our bolt-on M&A
strategy
- Strong +6.2%
organic growth including a very high contribution from The
Netherlands, Austria, Poland and Global Services Energy, a good
level of organic growth in Germany at +4.1% and France remaining
very solid at +2.2%
- +5.1%
contribution from bolt-on acquisitions
- +0.3% from
currency movements
- Positive dynamics on our markets
overall with a good visibility for the year
Outstanding M&A activity supported
by a rich pipeline of opportunities in our geographies
- Closing of the
acquisition of Correll group (Global Services Energy) in January
2024 and ROBUR in March 2024 (Germany)
- In Q1 2024 SPIE
announced the acquisition of:
- ICG in Germany
in City Networks and Grids activities with c. 230 million euros
annual revenue (closed on April 18th, 2024)
- MBG in Germany
in Technical Facility Management with c.15 million euros annual
revenue (closed on March 27th, 2024)
2024 outlook confirmed
- Further organic growth, at a slower
pace than in 2023
- Further EBITA margin increase
- Continuation of a dynamic bolt-on
M&A strategy, remaining at the core of SPIE’s business
model
- The proposed dividend pay-out ratio
will remain at c.40% of Adjusted Net Income1 attributable to the
Group
Gauthier Louette, Chairman &
CEO, commented: “SPIE continued to deliver a strong
organic growth in Q1 2024 after a record year in 2023. It evidences
the good momentum on our markets, as well as SPIE’s unique
positioning in highly valuable multi-technical services related to
change in energy mix, decarbonation and electrification in
industry, low carbon mobility, energy efficiency, and smart city.
This unique positioning as a key enabler for energy transition,
combined with a high quality of execution and a well-balanced
business profile provide the Group with a strong dynamic. With 245
million euros of annual acquired revenue already announced in Q1,
this quarter has been very active, and the pipeline of
opportunities remains very rich to nurture our compounding model.
This strong Q1 performance reinforces our confidence to achieve our
2024 guidance.”
Revenue
Consolidated revenue was €2,225.5 million in Q1
2024, up +11.6% year-on-year compared to €1,994.0 million in Q1
2023. SPIE’s revenue grew organically by +6.2% compared to the
first quarter of 2023 (+10.9% organic growth in Q1 2023).
Contribution from acquisitions was +5.1% and currency movements
accounted for +0.3%.
In millions of euros(unaudited) |
Q1 2024 |
Q1 2023 |
|
Change |
o/w organic growth |
o/w external growth |
o/w disposal |
o/w foreign exchange |
France |
819.9 |
789.7 |
|
+3.8% |
+2.2% |
+1.7% |
- |
- |
Germany |
621.0 |
528.3* |
|
+17.6% |
+4.1% |
+13.5% |
- |
- |
North-Western Europe |
472.4 |
427.2 |
|
+10.6% |
+10.0% |
+0.6% |
- |
- |
Central Europe |
177.3 |
158.5* |
|
+11.8% |
+3.2% |
+4.1% |
- |
+4.5% |
Global Services Energy |
134.9 |
90.3 |
|
+49.4% |
+43.7% |
+7.2% |
- |
-1.5% |
Group revenue |
2,225.5 |
1,994.0 |
|
+11.6% |
+6.2% |
+5.1% |
- |
+0.3% |
* Reclassification of Traffic System revenue
from Germany to Austria (for €1.8 million in Q1 2023) compared to
the segmentation provided in the FY2023 results press release. The
table presenting the new segmentation with 2023 figures is in the
appendix of the present press release.
France
The France segment’s revenue
grew by +3.8% in Q1 2024, including a +2.2% organic growth.
Contribution from acquisitions accounted for +1.7%.
Despite a high comparison basis and constrained
nuclear activities, the organic growth in Q1 2024 remained very
solid at +2.2%. Building Solutions continued to be supported by
highly technical solutions featuring substantial components on
energy efficiency (such as energy renovation of office buildings,
HVAC systems in the pharmaceutical sector) or on digital
transformation (such as data centres installation). Technical
Facility Management was well-oriented with an excellent level of
renewals and additional works performed on top of the maintenance
base contract. City Networks was supported by smart public lighting
solutions and public transportation. Industry Services was
resilient with higher added value contracts linked to
electrification and decarbonation. Nuclear Services remained
constrained in Q1. However, our activity in this segment remains
solid with the 5-year framework agreement with EDF for nuclear
power plant in operation that was renewed at the end of 2023,
illustrating the key role of SPIE in this sector.
Germany The Germany segment’s
revenue increased by +17.6% in Q1 2024, including a +4.1% organic
growth and a +13.5% related to the contribution from bolt-on
acquisitions.
Germany registered a good level of organic
growth at +4.1% in Q1 2024. The activity was very dynamic in High
Voltage thanks to the ongoing ramp up of several projects nurtured
by massive investments made across the country related to the
change in energy mix; visibility remains very good, supported by an
all-time high backlog. City networks and Grids benefitted from the
strong need for modernization and upgrade of distribution grids,
but also fibre roll-out projects. Technical Facility Management
will progressively ramp up along the year supported by a permanent
focus from our customers on energy efficiency and decarbonation.
The good level of organic growth recorded in Germany in Q1
evidences the quality of our positioning focusing on energy
transition markets. The contributions from bolt-on acquisitions
accounted for +13.5%, illustrating the continuing deployment of our
positions in our biggest addressable market.
North-Western Europe
Revenue in the North-Western
Europe segment increased by +10.6% in Q1 2024, including
+10.0% organic growth. Contribution from acquisitions accounted for
+0.6%.
In the Netherlands the activity was at a very
high level in Q1 supported by High Voltage activities that were
driven by renewables connections and modernization of the grids, as
well as Bridges and Locks activities fostered by massive
investments from public authorities. Building Solutions was also
very dynamic thanks to the needs for renovation and decarbonation
and despite the slowdown in real estate construction, where SPIE
has a very limited exposure. Industry Services was supported by the
transformation towards electrification, but also a strong need for
engineering solutions where SPIE has become a key partner for its
clients.
In Belgium, revenue growth was
stimulated by the need for building renovation related to energy
efficiency challenges and the high voltage projects with the
ongoing investments made into the grids (for upgrade and expansion
of capacity).
Central Europe Revenue in the Central Europe
segment in Q1 2024 was up + 11.8%, including +3.2% of organic
growth and +4.1% related to growth from acquisitions. The foreign
exchange amounted to +4.5%, mainly linked to the zloty.
In Central Europe, excluding
Switzerland, the organic growth was very strong, mainly driven by
Austria where our markets are very favourable, bolstered by the
investments made in infrastructures (especially tunnels and
transportation infrastructures). In Poland, SPIE benefitted from
its very strong positioning in the dynamic markets of High Voltage,
Building Solutions and Technical Facility Management. The
acquisitions made over the last two years in Central Europe enable
SPIE to be uniquely positioned to capture the strong market
growth.
In Switzerland, organic growth was in negative
territory due to the exceptionally high level of activity in Q1
2023 related to the catching up of activities following prior
supply chain delays in Information and Communication Services.
Global Services Energy
The Global Services Energy
segment’s revenue grew by +49.4%, including a +43.7% organic growth
in Q1 2024. The external growth had a +7.2% contribution and the
currency movements had a -1.5% impact, mainly related to US Dollar/
Euro parity.
In Q1 2024 the organic growth reached an
exceptional level despite the already high comparison basis. The
activity was propelled by the full ramp-up of several contracts
signed over the last two years mainly in West Africa. The mid-term
visibility remains good on that segment given the nature and the
length of its contractual base. The integration of Correll group,
acquired recently, is progressing well and accelerate the
diversification of Global Services Energy towards renewable
energy.
2024 outlook confirmed
- Further organic growth, at a slower
pace than in 2023
- Further EBITA margin increase
- Continuation of a dynamic bolt-on
M&A strategy, remaining at the core of SPIE’s business
model
- The proposed dividend pay-out ratio
will remain at c.40% of Adjusted Net Income2 attributable to the
Group
Conference call for investors and
analysts
Date: Thursday, April 25th,
20249:00 am Paris time – 8:00 am London time
Speakers: Gauthier Louette,
Chairman & CEOJérôme Vanhove, CFO
Dial-in details:
- France: +33 (0) 1 70 37 71 66
- UK-Wide: +44 (0) 33 0551 0200
- US: +1 786 697 3501
- Password: SPIE
- Webcast:
https://channel.royalcast.com/landingpage/spie/20240425_1/
Next events
2024 Annual General Meeting:
May
3rd, 2024
Dividend ex-date3:
May
14th, 2024
Dividend payment date1:
May
16th, 2024
2024 Half-year results:
July
26th, 2024, before market opening
Quarterly information at September
30th, 2024:
October 31st, 2024,
before market opening
Financial definitions
Organic growth represents the
production completed during the twelve months of year N by all the
companies consolidated by the Group for the financial year ended
December 31 of year N-1 (excluding any contribution from any
companies acquired during year N) compared with the production
completed during the twelve months of year N-1 by the same
companies, independently of the date on which they were first
consolidated within the Group.
Segment Central Europe includes
Poland, Switzerland, Austria, Czech Republic, Hungary and
Slovakia.
Segment North-Western Europe
includes The Netherlands and Belgium.
About SPIE
SPIE is the independent European leader in
multi-technical services in the areas of energy and communications.
Our 50,000 employees are committed to achieving the energy
transition and responsible digital transformation alongside our
customers. SPIE achieved in 2023 consolidated revenue of €8.7
billion and consolidated EBITA of €584 million.
Contacts
SPIEPascal OmnèsGroup Communications Director Tel.
+ 33 (0)1 34 41 81 11pascal.omnes@spie.com |
SPIEAudrey BourgeoisInvestor Relations
DirectorTel. + 33 (0)1 34 41 80 72audrey.bourgeois@spie.com |
IMAGE 7Laurent Poinsot & Claire DoligezTel. +
33 (0)1 53 70 74 70spie@image7.fr |
www.spie.comhttps://www.facebook.com/SPIEgrouphttp://twitter.com/spiegroup
Disclaimer
Certain information included in this press
release are not historical facts but are forward-looking
statements. These forward-looking statements are based on current
beliefs, expectations and assumptions, including, without
limitation, assumptions regarding present and future business
strategies and the environment in which SPIE operates, and involve
known and unknown risks, uncertainties and other factors, which may
cause actual results, performance or achievements, or industry
results or other events, to be materially different from those
expressed or implied by these forward-looking
statements.Forward-looking statements speak only as of the date of
this press release and SPIE expressly disclaims any obligation or
undertaking to release any update or revisions to any
forward-looking statements included in this press release to
reflect any change in expectations or any change in events,
conditions or circumstances on which these forward-looking
statements are based. Such forward-looking statements are for
illustrative purposes only. Forward-looking information and
statements are not guarantees of future performances and are
subject to various risks and uncertainties, many of which are
difficult to predict and generally beyond the control of SPIE.
Actual results could differ materially from those expressed in, or
implied or projected by, forward-looking information and
statements. These risks and uncertainties include those discussed
or identified under Chapter 2 “Risk factors and internal control”
in SPIE’s 2023 Universal Registration Document, filed with the
French Financial Markets Authority (AMF) on April 5th, 2024, under
number D.24-0245 which is available on the website of SPIE
(www.spie.com) and of the AMF (www.amf-france.org).This press
release includes only summary information and does not purport to
be comprehensive. No reliance should be placed on the accuracy or
completeness of the information or opinions contained in this press
release.This press release does not contain or constitute an offer
of securities for sale or an invitation or inducement to invest in
securities in France, the United States or any other
jurisdiction.
Appendix
Reconciliation between revenue (as per management accounts) and
revenue under IFRS
In millions of euros (unaudited) |
|
Q1 2024 |
Q1 2023 |
Revenue (as per management accounts) |
|
2,225.5 |
1,994.0 |
Holding
activities |
|
3.5 |
4.5 |
Others |
(a) |
(41.2) |
3.7 |
Revenue under IFRS |
|
2,187.8 |
2,002.3 |
(a) The amount in Q1 2024
mainly corresponds to the revenue contributions from ROBUR (1
month) and Correll Group (3 months) as these two companies have
been acquired during Q1 2024 but are not yet consolidated in the
accounts as at March 31st, 2024.New reporting segment (as from
2024)
Revenue 2023 - new reporting segment
|
Q1 2023 |
Q2 2023 |
H1 2023 |
Q3 2023 |
9m 2023 |
Q4 2023 |
|
2023 Full-Year |
France |
789.7 |
796.3 |
1,585.9 |
772.6 |
2,358.6 |
920.7 |
|
3,279.3 |
Germany* |
528.3 |
589.4 |
1,117.7 |
631.0 |
1,748.6 |
691.7 |
|
2,440.3 |
North-Western Europe |
427.2 |
442.6 |
869.8 |
448.3 |
1,318.1 |
491.5 |
|
1,809.6 |
Central Europe* |
158.5 |
195.2 |
353.8 |
187.7 |
541.5 |
231.2 |
|
772.6 |
Global Services Energy |
90.3 |
96.5 |
186.8 |
105.5 |
292.4 |
114.7 |
|
407.1 |
Group |
1,994.0 |
2,120.0 |
4,114.0 |
2,145.1 |
6,259.2 |
2,449.8 |
|
8,709.0 |
*Reclassification of Traffic System revenue from Germany to
Austria compared to the segmentation provided in the FY2023 results
press release
EBITA 2023 – new reporting segment
|
|
|
H1 2023 |
2023 Full-Year |
France |
|
|
94.1 |
229.0 |
Germany* |
|
|
53.0 |
161.6 |
North-Western Europe |
|
|
46.7 |
106.6 |
Central Europe* |
|
|
8.6 |
38.9 |
Global Services Energy |
|
|
15.2 |
36.4 |
Holding |
|
|
2.4 |
11.7 |
Group |
|
|
220.0 |
584.2 |
*Reclassification of Traffic System revenue and the
corresponding EBITA from Germany to Austria compared to the
segmentation provided in the FY2023 results press release
*** End of document ***
1 Adjusted for i) operating income items restated from the
Group’s EBITA, ii) the change in fair value and amortisation costs
of derivative related to the ORNANE, and iii) the corresponding
normative tax income adjustment2 Adjusted for i) operating income
items restated from the Group’s EBITA, ii) the change in fair value
and amortisation costs of derivative related to the ORNANE, and
iii) the corresponding normative tax income adjustment3 Subject to
shareholders’ approval at the next Annual General Meeting on May
3rd, 2024
- SPIE - Press release - Quarterly information as at March 31st
2024
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